PEOPLElogy’s IPO oversubscribed by 1.24 times

PETALING JAYA: ACE Market-bound PEOPLElogy Bhd’s initial public offering (IPO) has been oversubscribed by 1.24 times.

The company, which provides consultancy services and training, said in a statement that a total of 1,940 applications for 25.55 million new issue shares were received from the Malaysian public.

“Specifically, a total of 878 applications for 10.11 million new issue shares were received for the Bumiputera portion, representing a subscription rate of 0.98 times.

“Meanwhile, a total of 1,062 applications for 15.44 million shares were received for the other Malaysian public portion, representing a subscription rate of 1.50 times.”

Additionally, the company said 12.35 million shares made available for application by the eligible persons, who had contributed to the success of PEOPLElogy and its subsidiary, were fully subscribed.

The company is set to list on the ACE Market of Bursa Malaysia on May 20.

Kenanga Investment Bank Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO.